Overview
The 401(k) Calculator helps you estimate how much your retirement savings will grow based on your contributions, employer match, and investment growth. A 401(k) is a powerful tool for retirement planning, offering tax advantages that can significantly increase your savings over time.
Key Features
- Retirement Savings Estimation: Calculate the future value of your 401(k) based on your contributions and investment returns.
- Employer Matching: Factor in employer contributions to see how much they will add to your retirement savings.
- Tax Advantages: Understand how tax-deferred growth can boost your savings over time.
How to Use
- Enter Your Salary: Provide your current annual salary.
- Set Contribution Percentage: Specify the percentage of your salary you plan to contribute to your 401(k).
- Include Employer Match: Enter the details of your employer’s matching contribution (if applicable).
- Calculate: Click the "Calculate" button to estimate your retirement savings at the end of your career.
Tips
- Contribute Enough to Get the Match: Always contribute at least enough to get the full employer match – it’s essentially free money.
- Increase Contributions Over Time: As your salary increases, try to increase your contribution percentage.
- Review Investment Options: Regularly review your investment choices to ensure they align with your retirement goals.